The Nigerian financial sector has witnessed a significant surge in market value, driven primarily by the impressive performance of banking stocks. As of the close of trading on the Nigerian Exchange Limited (NGX) the market value of the financial sector stood at a staggering N9.49 trillion.
According to analysts, the sustained demand for banking stocks by both local and foreign investors has been the primary driver of this growth. The sector has also benefited from the influx of new listings on the NGX, with several banks undergoing recapitalization efforts to meet the Central Bank of Nigeria’s (CBN) regulatory requirements.
The banking sub-sector, which accounts for the largest chunk of the financial sector’s market value, has seen significant gains in recent months. Stocks such as [list specific banking stocks, e.g., Zenith Bank, GTBank, etc.] have been particularly impressive.
Experts predict that the financial sector will continue to drive growth in the NGX, with banking stocks leading the charge.
The financial services sector on the Nigerian Exchange closed with a total market capitalization of N9.49tn, driven by performances from banking stocks, particularly Guaranty Trust Holding Company Plc, Zenith Bank Plc, and Access Holdings Plc.
Guaranty Trust Holding Company Plc emerged as the most valuable financial institution, with a market capitalization of N2.07tn, trading at N60.50 per share. It was followed by Zenith Bank Plc, which recorded a market capitalization of N1.96tn, with its share price closing at N47.75, reflecting a 0.42 per cent increase.
Access Holdings Plc also maintained its strong market position with a capitalization of N1.24tn, despite a 0.64 per cent decline in its share price to N23.20. Similarly, United Bank for Africa Plc recorded a market capitalization of N1.21tn, with its stock trading at N35.50, reflecting a 2.61 per cent decline.
First Bank Holdings Plc had a market capitalization of N1tn, as its share price closed at N27.90, representing a 2.28 per cent drop. Fidelity Bank Plc, however, showed resilience, recording a market capitalization of N843.57bn, with its share price appreciating by 1.19 per cent to N16.80.
As the NGX continues to attract both local and foreign investors, experts predict that the market will continue to witness significant growth, driven primarily by the financial sector.
